Net income slid to $1.35 billion, or 58 cents per share, from $1.5 billion, or 64 cents, in the year prior. Excluding restructuring charges, write-downs and other items, earnings were $1.51 billion, or 65 cents, which met expectations of analysts polled by Thomson Reuters.

Results included a 2% jump in unit case volume, with strength overseas in India, China and Mexico.

Despite the decline, the company said it's on track to save $500 million by 2011. "While the global economic environment remains challenging, we are well-positioned for long terms growth," Muhtar Kent, president and CEO said in a statement. "Our business was built for times like these."

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